VelocityShares 3x Inverse Crude Oil ETN (DWT)

[MJ moneymaker]

Well you can never go wrong takin profit but with the size of the move down today and the 2 bearish pieces of news that came out this morning (crude storage build plus OPEC output at record high) I would expect we see some more upside on DWTI in the next several days barring some major new supply outage being reported.

DWTI is moving into the October WTI contract this week which is trading 2% higher than September. This means in the coming weeks the later dated contract will lose value as the time premium decreases. I expect the October contract which is at about 42.30 to drop below 40 pretty soon which will put DWTI close to 130.

130 is what I'm holding for and once we get there I may sell half and hold the rest for even higher.